Oil Prices Rebound in New York Trading Friday

Broadcast: Mar¹ 29 2003

 

Crude oil prices rebounded² this week in New York to post their biggest gain in a year with the contract for May delivery closing at just over $30 a barrel. The 12 percent rise in oil this week is tied to a belief that the Iraq war will last longer than first expected.

Oil traders say it will be longer than had been expected before Iraqi crude is again flowing onto world markets. In just five days the oil price has rebounded from $25 a barrel back to $30. And there is ¹⁾caution about future price trends.

Equity³ markets moved in the opposite direction. The war rally that began in mid-March came to an abrupt⁴ halt. This week the Dow Jones Industrials were down four days out of five and the index lost 4 percent on the week.

Art Cashin is the floor trader at Paine Webber in New York, he says the celebratory rally turned into an Iraq ²⁾paralysis⁵.

"Over the weekend we found out that the war turned out to be less unconventional then had been put forth⁶. And I think that brought everybody back to bear. Obviously, there was concern about seeing prisoners of war. So we had 225 rally (3-21) that by Monday turned into a 325 point selloff (3-24). And since then we've had this kind of internal debate. We have an Iraq paralysis going on," Mr.Cashin spoke⁷ on CNBC television,

The dollar was battered⁸ on world currency markets, enduring its biggest weekly loss against the euro in eight months. The euro rose to just under one dollar eight cents. The dollar lost nearly 3 percent against the euro, the currency used by 12 West European nations.

Barry Wood VOA News, Washington.

 

1.    caution [5kC:FEn]n.小心, 谨慎, 警告

2.    paralysis [pE5rAlisis]n.瘫痪, 麻痹

 

1 mar   

vt.破坏，毁坏，弄糟

参考例句：

• It was not the custom for elderly people to mar the picnics with their presence.大人们照例不参加这样的野餐以免扫兴。
• Such a marriage might mar your career.这样的婚姻说不定会毁了你的一生。

2 rebounded   

弹回( rebound的过去式和过去分词 )； 反弹； 产生反作用； 未能奏效

参考例句：

• The ball rebounded from the goalpost and Owen headed it in. 球从门柱弹回，欧文头球将球攻进。
• The ball rebounded from his racket into the net. 球从他的球拍上弹回网中。

3 equity   

n.公正，公平，（无固定利息的）股票

参考例句：

• They shared the work of the house with equity.他们公平地分担家务。
• To capture his equity,Murphy must either sell or refinance.要获得资产净值，墨菲必须出售或者重新融资。

4 abrupt   

adj.突然的，意外的；唐突的，鲁莽的

参考例句：

• The river takes an abrupt bend to the west.这河突然向西转弯。
• His abrupt reply hurt our feelings.他粗鲁的回答伤了我们的感情。

5 paralysis   

n.麻痹(症)；瘫痪(症)

参考例句：

• The paralysis affects his right leg and he can only walk with difficulty.他右腿瘫痪步履维艰。
• The paralysis affects his right leg and he can only walk with difficulty.他右腿瘫痪步履维艰。

6 forth   

adv.向前；向外，往外

参考例句：

• The wind moved the trees gently back and forth.风吹得树轻轻地来回摇晃。
• He gave forth a series of works in rapid succession.他很快连续发表了一系列的作品。

7 spoke   

n.（车轮的）辐条；轮辐；破坏某人的计划；阻挠某人的行动 v.讲，谈（speak的过去式）；说；演说；从某种观点来说

参考例句：

• They sourced the spoke nuts from our company.他们的轮辐螺帽是从我们公司获得的。
• The spokes of a wheel are the bars that connect the outer ring to the centre.辐条是轮子上连接外圈与中心的条棒。

8 battered   

adj.磨损的；v.连续猛击；磨损

参考例句：

• He drove up in a battered old car.他开着一辆又老又破的旧车。
• The world was brutally battered but it survived.这个世界遭受了惨重的创伤,但它还是生存下来了。